3,674Units Under Management
Less Than 1% Eviction Rate
Avg. Time Rental Is on Market 23 Days

Burning Questions Landlords Have for Property Management Companies

If you own rental property in the Howard County area, chances are you have considered hiring a property management company at one point or another.  After all, the right property management company can handle the time-consuming tasks and stresses related to leasing your rental home.

As a landlord, it is important you feel reassured that your property will generate income and that your property will be well maintained.  You should also feel comfortable that your tenants are cared for as customers as well.howard-county-property-managers-answer-frequently-asked-questions
If have already hired Maryland’s best property management company– kudos to you!  You and your property are in good hands. 

On the other hand, if you are in the market for a quality property management company and are prepping to interview your top choices, I am here to share with you some of the burning questions you should ask any company you are thinking of hiring to manage your rental property.

 

Rent Related Questions

The main incentive for owning a Howard County property in say, Columbia, is the potential for positive cash flow based on rent collection.  You should have a solid understanding for how rent collection will work with your potential property management company by asking questions such as these:

  • How is the monthly rental amount determined?
  • What happens if my tenant’s rent is late?
  • What if my tenant does not pay the rent?
  • Do you collect a security deposit or first and last month’s rent upfront?
  • How will rent be collected from my tenant and distributed to me?

Bay Management Group takes a serious and diligent approach to rent collection.  They get your property the highest rental amount possible according to the current market trends.  They set out clear expectations to your tenant ahead of time regarding rent collection procedures and start the eviction process immediately following a late rental payment’s grace period, regardless of the reason behind the late payment.

Additionally, in order to get you your income as quickly as possible, Bay Management Group can have the collected rent electronically direct deposited into your bank account.  If you prefer however, they will also accommodate a request for a standard check.

 

Money Related Questions

If you are in the business of investing in and leasing out rental properties, you are definitely looking for positive cash flow at the end of the day.  That is why answers to questions regarding your money and what you will have to pay a property management company to manage your Laurel rental property are essential before committing to any decision to hire.  financial-statements-howard-county-property-managers

Here are the questions you should ask about the costs of hiring a property management company:

 

What fees do you charge to manage my property?

Depending on the company you choose to hire, you might be charged as high as 12% of your monthly rental amount in management fees.  This can become very costly for you, especially if you have a valuable property.

If you hire the experienced team at Bay Management Group to manage your properties, you can rest assured you will not be taken advantage of.  Charging only 8% of your monthly rental amount and one month’s rent to lease a vacant property, it is guaranteed there are no additional hidden fees.

  • No lease renewal fees
  • No lump sum to be placed in the maintenance reserve
  • No supervisory fees for routine maintenance services
  • No fees for vacant properties

Bay Management Group prides itself in having some of the industry’s lowest pricing.

 

Will I receive any financial statements?

Transparency is the key to hiring a good property management company.  You should not trust a company that refuses to disclose where your money goes each month.

With Bay Management Group, you will receive a monthly statement outlining each property’s income and expenses.  Plus, as is required by law, you will receive an annual 1099.

 

Vacancy Related Questions

How a property management company handles a vacant property can tell you a lot about the company’s overall standards.  You do not make any money sitting on a vacant property and run the risk of damage to your property if it sits empty for too long.  The best property management companies will outline how they handle vacant properties before having you sign on to hire them.

Here is one really great question they should address without hesitation for you:

 

How do you market each vacant property?

Marketing a property to the targeted tenant pool you wish to place in your rental home is the key to a quick tenant placement and a high monthly rental amount.

Bay Management Company markets all vacant properties aggressively and using various avenues.  Online via all major search engines, in the MLS, on Craigslist and HotPads, via direct mail, and other online classifieds.  Their number one goal is to get your property as much exposure as possible.

Other questions you should consider asking include:

  • What is the average length of time it takes to lease a vacant property?
  • How do you help manage and protect my property while it is sitting empty?
  • Can I expect a low turnover while working with you?
  • What is the average length of tenancy?
  • How do you handle situations that involve a tenant breaking a lease early and leaving me with a vacant rental?

All of these hard-hitting questions should be answered quickly and easily by a quality property management company.  If they are, that points to solid management procedures, great teamwork, and a dedication to you and your property.

 

Maintenance Related Questions

One of the main reasons you might consider hiring a property management company to care for your Elkridge rental property is the maintenance services provided for your property that you no longer have to worry about.
ask-how-howard-county-property-managers-handle-maintenance-issues
You must be careful to fully understand your property management company’s role in maintenance before signing on to have them manage your property.

Consider asking these questions upfront before making a decision:

  • How are inspections conducted and how often?
  • Am I allowed to inspect my property and what are the procedures behind that?
  • How are repairs handled?
  • Whom does the tenant contact when something is wrong?
  • What happens if there is an emergency?
  • Am I protected against tenant damage to my property?
  • What type of insurance should I have on my rental property?

Any good property management company will not shy away from answering these questions.  Bay Management Group is one of those companies.

Conducting regular inspections, advising you and your tenants about insurance, providing 24/7 maintenance call availability, and handling emergencies immediately and with only the best contractors around, you can rest assured all of your property maintenance needs will be handled efficiently.

 

Tenant Related Questions

Lastly, before hiring a property management company, you should see how they take on the role of customer service when it comes to your tenants.  After all, happy tenants tend to renew their leases and stay longer.

However, sometimes what makes you tenant happy, is not what makes you happy.  How your property management company acts as the middleman is important for avoiding landlord-tenant conflict.  Here are some things to ask:

  • How do you find and keep quality tenants?
  • What are your policies regarding pets?
  • Do you allow smoking in any of the properties?
  • Can I refuse to rent to a specific type of tenant?
  • Can I contact the tenant directly?
  • How do you keep my tenants happy?

Again, as an experienced company who deals solely in property management, Bay Management Group is dedicated to keeping your tenants happy, and thus you happy, by having set procedures in place to address anything that can pop up during a lease term.

If you are considering a property management company for your Howard County rental property, give Bay Management Group a call.  We will gladly answer any questions you have regarding our management services and can give you the peace of mind you desire when it comes to someone else managing your rental property.